Thursday, January 22, 2009

Morning Observations 01/22/09

What is an equity trader to do? IBM and Apple are doing better than expected, but Microsoft is not. I was beginning to think that the market was just going to sit on top of yesterday's volume ledge all day. However, the market is currently trading into that area with the European markets finished for the day.

At around 1020 ET, the market was testing the resistance level of the day. It turned out to be a good place to short the market, but I was concerned as the $TICK made a higher high and the VIX was not as bearish as I thought that it should be. But, the market did trade down from that test of resistance.

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" I never blame myself when I'm not hitting. I just blame the bat and if it keeps up, I change bats. After all, if I know it isn't my fault that I'm not hitting, how can I get mad at myself?"Yogi Berra

"There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that? You begin to learn!"Reminiscences of a Stock Operator by Edwin LeFevre

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"I haven't trusted polls since I read that 62% of women had affairs during their lunch hour. I've never met a woman in my life who would give up lunch for sex."Erma Bombeck